More than a third of organizations suffered a serious cloud security incident in 2021. According to a survey of 300 cloud professionals covered by BetaNews, 36% of those respondents said that their organizations had suffered a severe cloud security data leak or breach in the past 12 months. Looking forward, eight in 10 survey participants said they were worried that they were vulnerable to a data breach related to a cloud misconfiguration.
No matter what niche your organization specializes in, building trust with your customers is a major pillar around which a business is built. In a world where customers are picky with who they work with, data security and privacy practices are quickly becoming a competitive advantage. Showing your customers that you take your regulatory and contractual obligations seriously goes a long way in earning their trust, while also reducing exposure to risk and liabilities.
According to a report published by the FBI Internet Crime Complaint Center (IC3), losses resulting from attacks against business emails are 64 times more damaging than ransomware when measured by dollar amount losses. Phishing and email data breaches can be particularly damaging in the health sector. Regulatory authorities and oversight bodies are incredibly stringent when enforcing compliance measures designed to protect sensitive medical and patient data.
Fintech, short for ‘financial technology, is the application of new technological advancements to products and services in the financial industry. The Fintech industry is rapidly evolving, driven in part by the adoption of new technologies such as artificial intelligence and blockchain-powered assets. Currently, the Fintech market is projected to reach $190 billion by 2026, growing annually by 13.7%.
As more and more businesses adopt cloud computing services for their operations, the threat against cloud infrastructure is also increasing. AWS, the huge cloud service provider in the market, provides many security features to secure the cloud structure and customer data. It is essential to understand the service provider’s security policy before adopting it for the business.
Since my previous blog CMMC Readiness was published in September 2021, the Department of Defense (DoD) has made modifications to the program structure and requirements of the Cybersecurity Maturity Model Certification (CMMC) interim rule first published in September 2020. CMMC 2.0 was officially introduced in November 2021 with the goal of streamlining and improving CMMC implementation.
The Federal Information Processing Standard (FIPS) 140-3 (2019) is “applicable to all federal agencies that use cryptographic-based security systems… and shall be used in designing and implementing cryptographic modules that federal departments and agencies operate or are operated for them under contract.” In other words, any organization that stores, processes, or transmits certain government information must do so in a way that conforms to the FIPS standard.
This month, Egnyte is excited to introduce the start of a redesign to its UI, productivity improvements around shortcuts and the API, new offerings for Advanced Privacy & Compliance and CMMC, continued improvements in governance, and a whole host of new features around course management in the Quality Document Management module for Life Sciences.
If your company does any business with the U.S. Department of Defense, you will be required to comply with CMMC 2.0 to be considered for future contracts. It doesn’t matter if you sell a product or a service, if DoD business is only a small part of your revenue, or if you are only a subcontractor. You will still be required to comply, even if the work you do hasn’t changed. Your business needs to start building a roadmap for CMMC Level 1 or Level 2 compliance.
